Intermediary Bank

mobinil1
mobinil1 Confirm Email, Member Posts: 2 ✭
in Ask The Community
Hello,

I use Payoneer to transfer money to my bank in Egypt. I have noticed that the amount that gets deposited into my Egyptian U.S.$ Bank account is lower than the actual amount transferred by Payoneer. I contacted my bank and they asked me to check if Payoneer uses a middle bank for the transfer. Anyone knows if this is true?
Thanks a million

Comments

  • Aron_Payoneer
    Aron_Payoneer Administrator Posts: 251 ✭✭✭✭✭✭

    Hey @mobinil1

    When you withdraw funds in USD they are sent through a wire bank transfer and the other banks involved in the transfer sometimes may charge correspondent fees.

    Payoneer does not have control over the additional fees (correspondent and landing) that are deducted by other banks. Please also note that payment routes also sometimes change, which may affects the correspondent fees charged.

    To avoid being charged with correspondent fees, I will recommend you to register a bank account in your local currency. Payoneer offers local currency transfers to Egypt in Egyptian pounds!

    You can also find more about withdrawal fees in this blog post.

  • naderabdalghani
    naderabdalghani Member Posts: 2 ✭
    > @mobinil1 said:
    > Hello,
    >
    > I use Payoneer to transfer money to my bank in Egypt. I have noticed that the amount that gets deposited into my Egyptian U.S.$ Bank account is lower than the actual amount transferred by Payoneer. I contacted my bank and they asked me to check if Payoneer uses a middle bank for the transfer. Anyone knows if this is true?
    > Thanks a million

    Hey! I'm about to withdraw money from my Payoneer USD balance to a local USD bank account here in Egypt. Would you mind helping me with the following questions? Where did you open your local USD bank account, which bank exactly? Because not all of them accept USD transfers from Payoneer. How much are the fees that Payoneer takes to transfer the money? How much are the correspondent fees? How long did it take for the money to land in your local USD account? Did the bank ask you about the source of the transfer?

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